PROPERTYSPARK ARTICLE

Maximizing Worth: Enhancing Perceived Value in Real Estate

When you measure the relationship between real estate and profitability, your ability to create value is often the most important contributing factor. The dynamics are very different to previous years, and understanding how to shape and enhance perceived value is the key to success.

Let’s focus on effective strategies that allow you to maximize a property’s value and get the most out of your negotiations.

Beyond The Numbers: Exploring Perceived Value In Real Estate

The concept of perceived value in real estate refers to the price the public will pay for a property. Your buyer will measure its value according to how well the property can meet their needs and expectations, particularly when compared to other potential properties.

Even an impulsive buy at the local store has an element of perceived value. The buyer compares a product’s capacity to satisfy demand and meet expectations to other nearby item brands.

Remember that sometimes a product or service’s pricing may have less to do with the manufacturing cost and more with the psychological appeal.

As a real estate agent, you have the power to market a property and significantly improve its perceived value. Your soft skills, professional attire, and approach to selling your property will boost the value you add to your property, but the real difference comes when you create value.

A Gucci belt is an every day, store-bought belt until a marketer creates values that make it luxurious, desirable, and brimming with prestige.

Factors That Add Value To Perception

• Aesthetic appeal – Our visual senses are the first thing we use to criticize a property. A weak aesthetic will set the standard for the remainder of the property.

• Time-saving utilities – Nearby laundromats, convenience stores, or schools can save buyers time and money.

• Accessibility – Does the property have multiple access points, and what kind of amenities will the buyer find appealing?

• Purchasing process – Mountains of paperwork can be a daunting experience for buyers who are already stretched thin from moving. This is especially true when they don’t have a lawyer to help them with the process.

Sell With Style: The Art Of Staging To Maximize Sales

Most buyers will spend more money on properties that are ready to move into than on comparable listings that are not. People place great value on clean, well-kept, and stylishly upgraded homes.

Buyers generally want to avoid taking on renovations or dealing with pending upkeep difficulties. They don’t want to do anything that would make moving more stressful or complicated. For this reason, staging is a critical part of adding perceived value to a property. 

Buyers connect emotionally with the property and become thrilled about the idea of moving and making it their home. In fact, 81% of real estate agents report that home staging helps potential buyers see the property as their future home, and it helps them sell it at a higher price.

First Impressions Count: Work With Sellers To Showcase Their Home

The exterior of a property can be a deal-breaker for prospective buyers before they even experience the interior. Even in a seller’s market, poorly maintained roofing or messy landscaping will make selling a property that much harder. Real estate agents can encourage sellers to add perceived value by doing the following:

• Decluttering

Focus on removing pointless objects, arranging the remaining ones, and ensuring that driveways, entryways, and front yards are tidy. Decluttering, cleaning, and landscaping are all important steps to boosting a property’s perceived value.

Clutter is an issue because it draws attention away from the qualities of a property and gives the impression that the space is smaller. A spotless property with crystal-clear windows is important because it conveys to potential buyers that you have maintained the property well.

Splashing the front door and its accompanying light fixtures with a fresh coat of paint will also create a positive vibe with buyers.

• Depersonalizing The Property

Go the extra mile and encourage the sellers to remove family photographs, mementoes, and refrigerator art—anything that can prevent potential buyers from imagining it as their own space. 

Keep garments as concealed as possible, and ensure the hand soap is the only item in the bathroom. Sentimental objects like toys, paintings, and other things should also be out of sight.

• Landscaping

Select plants and flowers that match the design of the house and are appropriate for the local climate. To enhance the texture and layout of the landscape, consider grouping the flowers in odd numbers. 

It utilizes the design concept of the rule of threes to create a visually appealing image that still allows the eye to move around.

• Roofing & Miscellaneous Repairs

A well-maintained roof is vital for keeping the inhabitants of a property safe. A poorly-kept roof can be a concern for buyers with kids or those that work with products sensitive to the weather.

Other repairs like fixing cracks, gutters, and light fixtures, which might seem insignificant at first, add up to make a sizable contribution to the perceived value of a property. 

• Adding Lighting

Good outdoor lighting highlights the unique features of a property and brings out its architectural charisma. It also shows that there is an extra layer of security to stop trespassers.

• Incorporating Outdoor Furniture

Think about incorporating outdoor furniture and accessories to showcase a welcoming and cozy outdoor living space. The presence of seating places, dining tables, and lounge chairs might help potential buyers picture themselves utilizing the space.

Use objects for decoration, such as outdoor rugs, cushions, and planters, to add vibrancy and help the living space resonate with potential buyers.  

Leverage Marketing: Create Demand Online

Advertising properties online can increase their perceived value if your ads generate a positive response and attract numerous comments. Use a professional property photographer with a great portfolio to take attractive, enticing images of a property, then share these images on numerous platforms.

The more interest they generate, the greater the demand will seem, and the more value properties have. Updating properties as they sell online also adds value to your real estate business, as it highlights how fast stock moves when it’s listed.

Conclusion

As a realtor, your ability to create and communicate perceived value is an important stepping stone to help you attain success in the industry. Knowing what buyers want and offering them that convenience in a neat package will save them time and money. As a result, they will pay more for properties as they meet all their needs.